The $9.5 billion New Mexico Educational Retirement Board recently approved a new, more detailed investment policy for its portfolio. The new policy includes a sub-allocation to direct or co-investments, sets new policy ranges for leverage and breaks out an international infrastructure sub-allocation.

The new policy for the retirement fund’s 3.5 percent infrastructure allocation, which is currently valued at $106 million, now allows direct co-investments of up to 30 percent of the portfolio. The policy also expands the open- and closed-end vehicle exposure ranges to 20 percent to 100 percent from 20 percent to 80 percent for each category.

The new leverage limits are 60 percent to 90 percent for core, 60 percent to 80 percent for value added and 60 percent to 75 percent for opportunistic infrastructure.

The board also added a sub-allocation range to non-OECD countries of up to 20 percent, which will be invested primarily thr